Home Buying in Beverly Hills>Question Details

Martha Willi…, Home Buyer in Birmingham, AL

Bad credit, make 6 figures willing to do whatever to buy a home while the market is so low, have 20% to put down on a 500k home, under a 600 score.

Asked by Martha Williams, Birmingham, AL Mon Mar 25, 2013

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18
The Escobar Group’s answer
You may need to put a higher down payment.. like 45% and get a non-traditional mortgage... probably around 9% rate... it may be good for you to rent for a while and fix your credit... then buy something in better terms.

if you find my answer helpful, give it a Thumbs Up!

Ron
0 votes Thank Flag Link Tue Apr 2, 2013
Lexington law has federal lawsuits pending from the FTC for breaking laws... If you have a 600 score and 100 grand in reserves you will qualify for an FHA jumbo loan. In Beverly Hills you can get a loan up to 729k with just 3.5% down. I refer my client's with scores under a 600 to The Lenders Network to get approved, the do jumbo FHA loans too. Check them out.,

Good luck! And once approved I would love to help you find a home...
0 votes Thank Flag Link Wed Jul 3, 2013
Hi Martha,

Might try looking for a contract for deed/land contract or lease to own, and, at the same time do everything you can to raise your credit score so you'll qualify when it's time to re-finance the deed or purchase the lease. Or, as others suggested, maybe a larger down, but you didn't state you had it, so might not be viable for you.

Possibly speak to a reputable credit repair service. I've had clients use Lexington Law and they got a lot of bad marks off their credit. This is not a recommendation for them as there are others too, just a suggestion. You may be surprised how fast your credit score can increase. Depends on what's on there exactly. Harder to get some stuff off, but you might be surprised.

Another suggestion is if you can find a co-signer that may help.

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
0 votes Thank Flag Link Tue Jun 11, 2013
Well Martha, Cash is King you can probably find a lender willing to work with you if you can offer a large down like that.
0 votes Thank Flag Link Tue Jun 11, 2013
I have a product that may help if buying a property in California. Please call me to see if you qualify.

Feel free to call me directly at 949-777-2109 or on my cell 951-210-2101

Respectfully,

Eddie W. de Leon
Senior Loan Officer
NMLS #238369
DRE Broker #01393751
http://www.linkedin.com/ln/eddiedeleon
http://www.facebook.com/LoansByEddie
0 votes Thank Flag Link Fri Jun 7, 2013
Buy a home with 65% loan to value and you can qualify with your low score and 35% down payment.
0 votes Thank Flag Link Wed May 22, 2013
Good evening Martha,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon Apr 29, 2013
That FICO score is so important!. Think you can pay of some debt and be ready to go in a short time!
0 votes Thank Flag Link Mon Apr 29, 2013
You should be working on getting your credit score up. With a score under 600 it's likely your only options would be hard money lenders who will be charging more than average interest rates.

I would suggest not doing this but rather focus for 3-6 months to raise your credit score up. If you're not sure how you should speak to a credit counselor in your area.
0 votes Thank Flag Link Mon Apr 29, 2013
You really need to speak to an expert in this field to see which option you are even qualified for. A hard money loan is for investors only, you cannot occupy the property. I would say depending on your credit, income and savings available. Your best bet is to contact The Lenders Network who specializes in all types of loans, has many investors and high risk loans available and cant even refer you to a law firm to improve your credit so you can live in the home while you improve your credit score to buy it from the investor. They have work miracles for clients of mine I thought could never buy a home, now theyr are in the house and close to buying it.

I highly recommend The Lenders Network - http://www.thelendersnetwork.com

Thanks and good luck!
0 votes Thank Flag Link Mon Apr 29, 2013
Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Fri Apr 12, 2013
Hi Martha,

We service our own loans which gives us the ability to help buyers finance their purchases with a credit score as low as a 580 and still with a very low down payment.

Please feel free to contact me directly if you have any further questions, we'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required), HARP 2.0 - No Appraisal Required for Refinance for Underwater Home Values, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Sun Mar 31, 2013
Hey Martha call me anytime I can help you get into a home without dropping all of your savings. Most likely there are some options to get your score up rather quickly... Let talk.
0 votes Thank Flag Link Sun Mar 31, 2013
What is it that is holding your score down? I'm an expert at going though your credit and assisting you with quickly raising your score. The best first step is to see if we can bump your score up a little. That can make a world of difference.
0 votes Thank Flag Link Tue Mar 26, 2013
Hi Martha,

If you are looking to make the purchase in CA our office might have a solution for you. Contact us below if you want to know more.

Truly yours,

Fred Nabati , Broker
management@trimaxla.com
CSSS (Certified Short Sale Specialist)
CPFS (Certified Pre Foreclosure Specialist)
Trimax Realty Corp. & Trimax Loan Corp.
(310) 954-0808 Ext. 701
D.R.E. License# 01276914

IF YOU LOVE WHAT YOU DO, YOU WILL NEVER WORK ANOTHER DAY IN YOUR LIFE. - MICHAEL NOLAN
SUCCESS IS SOMETHING YOU ATTRACT BY THE PERSON YOU BECOME. – JIM ROHN
0 votes Thank Flag Link Tue Mar 26, 2013
It may be possible , however there are multiple factors to consider: what's keeping your score so low, did you have bankrupcy or foreclosure recently, etc...



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0 votes Thank Flag Link Tue Mar 26, 2013
Martha, there are higher interest rate loans and as your credit improves you should be able to refinance. Especially since the Market is moving upwards as we speak. If you would like a lender who can help please reach out to me directly.

Endre Barath,Jr
Prudential California Realtors
Beverly Hills, CA

homes@endrebarath.com
310.486.1003(m)
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Mon Mar 25, 2013
How come you can't fix your credit with $100,000?
0 votes Thank Flag Link Mon Mar 25, 2013
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